Gaurs Group, a prominent real estate developer based in Delhi-NCR-has announced plans to invest around ₹4,000 crore in the development of a 17-acre commercial project in Noida. This is part of the company’s strategy to build rental assets, said Chairman and Managing Director Manoj Gaur.
While addressing a press conference, Amit Gaur said that the Grade-A project that is planned would have around 5 million square feet of commercial space, with retail space being 2.5 million square feet, offices will include 2 million square feet and a hotel with more than 300 keys. “We are planning to develop a large commercial project along the Noida Expressway,” said Gaur.
The company plans to adopt the lease model for this project, looking to increase its annual rental income from ₹125 crore and above. Gaur also confirmed that the total investment will be about ₹4,000 crore.
Construction is likely to begin before March 2024. Gaur said funding was likely to come from existing as well as future projects from sources of internal accruals as well as bank loans. “We have sales receivables over ₹4,000 crore, and this number is likely to rise to ₹5,000 crore by the end of this fiscal year,” he said.
Gaur is pretty bullish about housing demand in the NCR. The company’s latest luxury housing project priced at ₹3,100 crore in Ghaziabad has sold out within just three days.
Besides the existing business currently, the Gaurs Group is planning to conduct its first-ever IPO, and it is likely to happen within the next 18 months. The company hopes it will expand further as far as business goes through strong demand for products by the consumer group. Gaur said that the company is reorganizing all its activities and proper structure as part of preparation to get an invitation from SEBI to make it happen.
It plans to expand its housing business besides stable, rent-yielding commercial assets like malls, hotels, office spaces, schools, colleges, and convention centers.
Gaur, who is also chairman of the real estate apex body CREDAI, said the company has a significant land bank for future projects and is always on the lookout to buy more land pieces.
Gaurs Group, previously known as Gaursons India Ltd., has been in the business for over three decades and has developed over 65 million square feet and delivered 65,000 units. Besides real estate development, the group has diversified itself in allied sectors like shopping malls, educational institutions, hotels, solar power plants, and construction services.
Its notable achievements have been three completed townships, the most prominent of which is Gaur City in Noida Extension, hosting nearly 30,000 families.
